China Stocks Rise as PBOC Holds Rates Steady; Salubris Pharmaceuticals Up 3%
Chinese shares closed higher Monday amid signals of a steady monetary policy stance. The gains follow the People's Bank of China's monthly rate fixing on Sunday, where policymakers held the one-year loan prime rate steady at 3% and the five-year LPR at 3.5%.The Shanghai Composite Index, the main gauge of Chinese stocks, rose nearly 1.0% to close at 3,949.91. The Shenzhen Component Index climbed 0.7% to 13,730.02.On the regulatory front, China will tighten rules around price competition to prevent malicious price competition and predatory pricing. As part of the country's 15th Five-Year Plan, the State Administration for Market Regulation will accelerate revisions to the Price Law to establish a legal framework penalizing below-cost dumping.Authorities will also fully implement the revised Anti-Unfair Competition Law to crack down on market malpractices, including false advertising, commercial discrediting, and bribery.In company news, Shenzhen Salubris Pharmaceuticals (SHE:002294) will repurchase a combined 6.14% stake in controlled subsidiary Sino Medical from two strategic investors for about 426.7 million yuan, raising its stake to 93.51% from 87.36%. Shares of the pharmaceutical company closed 3% higher Monday.
